DraftKings and BetMGM have made agreements to enter the legal sports betting market in North Carolina, ahead of the state’s launch of its legal sports betting market. The agreements cover sports wagering in North Carolina, with DraftKings partnering with Nascar and BetMGM working with the Charlotte Motor Speedway in the state.
DraftKings’ deal with Nascar makes them the series’ exclusive daily fantasy sports partner in the US and Canada. They will also be an authorized gaming operator of NASCAR with additional sponsorship benefits across Nascar. Similarly, BetMGM’s partnership with the Charlotte Motor Speedway will bring a premier and responsible gaming product to North Carolinians. Both operators are expecting to launch their operations in North Carolina before the end of the first quarter of the year.
The North Carolina State Lottery Commission approved applications for sports betting licensure in December, paving the way for operators to begin applying for licenses. However, the Commission will need to review all applications, complete background checks, and analyze internal control details before setting a launch date.
With DraftKings, BetMGM, and other major brands securing market access in the state, it seems likely that the expected launch date in the first quarter of the year could be accurate.
Despite these developments, there is still some uncertainty in North Carolina regarding the final set of sports betting rules. Measures set out in the bill legalizing sports betting include permitting bets on college sports, esports, and other sports matches authorized by the Commission. Additionally, operators will be required to have a written designation agreement with a sports team, league, or venue to launch sports betting. Furthermore, the tax on gaming revenue for license holders has been set at 18%.
However, there is a ban on pick’em-style daily fantasy sports games, and the state is yet to agree on a final set of sports betting rules. As North Carolina edges closer to the launch of legal sports betting, the state is expected to continue working on finalizing these rules and regulations.